Bloomberg by DEREK KRAVITZ - The Associated Press December 16, 2011
"The Securities and Exchange Commission on Friday brought civil fraud charges
against six former top executives at Fannie Mae and Freddie Mac, saying they
misled investors about risky subprime loans that the mortgage giants held when
the housing bubble burst.
Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd
and Freddie's Richard Syron. They are the highest-profile individuals to be
charged in connection with the 2008 financial crisis.
The federal government has faced criticism for not bringing charges against top
executives who may have contributed to the worst financial meltdown since the
Great Depression.
. . . Freddie told investors in 2006 that it held between $2 billion and $6 billion
of subprime mortgages on its books. The SEC says its holdings were actually
closer to $141 billion, or 10 percent of its portfolio in 2006, and $244 billion, or
14 percent, by 2008." - more -
http://www.businessweek.com/ap/financialnews/D9RLP51O0.htm
"The Securities and Exchange Commission on Friday brought civil fraud charges
against six former top executives at Fannie Mae and Freddie Mac, saying they
misled investors about risky subprime loans that the mortgage giants held when
the housing bubble burst.
Those charged include the agencies' two former CEOs, Fannie's Daniel Mudd
and Freddie's Richard Syron. They are the highest-profile individuals to be
charged in connection with the 2008 financial crisis.
The federal government has faced criticism for not bringing charges against top
executives who may have contributed to the worst financial meltdown since the
Great Depression.
. . . Freddie told investors in 2006 that it held between $2 billion and $6 billion
of subprime mortgages on its books. The SEC says its holdings were actually
closer to $141 billion, or 10 percent of its portfolio in 2006, and $244 billion, or
14 percent, by 2008." - more -
http://www.businessweek.com/ap/financialnews/D9RLP51O0.htm